DNO Makes Cretaceous Oil Discovery at Peshkabir
(Thomson Reuters ONE) -
Oslo, 9 January 2017 - DNO ASA, the Norwegian oil and gas operator, today
announced that the Peshkabir-2 well currently drilling in the Kurdistan region
of Iraq has discovered oil in the Cretaceous horizon in the southern flank of
the Peshkabir field.
The well flowed at a stable rate of 3,800 barrels of 28° API oil per day on a
52/64 choke from an open hole test of a 170-meter interval. Pressure data
supported by observations of oil shows from cuttings and side wall cores
indicate a Cretaceous oil interval in excess of 300 meters.
Peshkabir-2 was spudded last October to explore the Cretaceous horizon and
appraise the previously tested deeper Jurassic reservoir on a 2012 discovery 18
kilometers to the west of the company's flagship Tawke field. Following
acquisition of new 3-D seismic, Peshkabir-2 was originally planned for 2015 but
delayed following the drop in world oil prices and interruption in payments for
the company's production and exports from Kurdistan.
The well, currently drilling ahead of schedule and under budget, is expected to
reach total depth of 3,500 meters and will be completed in the Jurassic by early
February. Pre-spud estimates for drilling, open hole testing of the Cretaceous
and completion stood at USD 17.5 million.
DNO is considering a number of options to step up appraisal of the new
Cretaceous discovery including a geological side-track in the central part of
the Peshkabir structure or a third well. Options are also under consideration
for possible early Peshkabir production and trucking to the company's gathering,
processing and export facilities at Fish Khabur some 12 kilometers away.
"We are very encouraged by what we have seen so far in this well," said Bijan
Mossavar-Rahmani, Executive Chairman of DNO. "Certainly our subsurface and
drilling teams have started the year on the right foot," he added.
The company will provide an update on the resource potential of both the
Cretaceous and Jurassic horizons following post-well evaluation of all data
acquired during Peshkabir-2 operations.
DNO operates and holds a 55 percent working interest in the Tawke license which
holds the Peshkabir field. Genel Energy plc and the Kurdistan Regional
Government hold a 25 percent and 20 percent interest, respectively.
--
For further information, please contact:
Media: media(at)dno.no
Investors: investor.relations(at)dno.no
Tel: +47 911 57 197
--
DNO ASA is a Norwegian oil and gas operator focused on the Middle East and North
Africa. Founded in 1971 and listed on the Oslo Stock Exchange, the Company holds
stakes in onshore and offshore licenses at various stages of exploration,
development and production in the Kurdistan region of Iraq, Yemen, Oman, the
United Arab Emirates, Tunisia and Somaliland.
--
This information is subject to the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: DNO ASA via GlobeNewswire
Unternehmensinformation / Kurzprofil:
Datum: 09.01.2017 - 06:00 Uhr
Sprache: Deutsch
News-ID 516361
Anzahl Zeichen: 3654
contact information:
Town:
Oslo
Kategorie:
Business News
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